TAQA Slips Into The Red On Weak Commodity Prices

The Abu Dhabi National Energy Company (TAQA) has revealed plans to slash its North American spending by a third in the coming year, after recording 3Q12 net losses on weak gas prices – particularly in the US.

The energy and utility firm, which is 75% owned by the Abu Dhabi government, reported a net loss of Dh288mn ($78.4mn) for the third quarter of 2012, relative to the Dh537mn ($146.2mn) profit it...